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New oil price increase looms

MOTORISTS should brace for another round of oil price increase which is likely to be imposed next week.

Energy sources said the price of gasoline and diesel products was projected to rise by P0.75 to P0.85 per liter while kerosene by P0.85 to P0.95 per liter.

Local oil firms usually implement price adjustments every Tuesday, the 6thconsecutive week of price increase of pump prices.

Industry sources said the looming increase of pump prices was based on the Mean of Platts Singapore (MOPS) trading average.